Atlas open offer for arm
Atlas Copco AB will buyout 55,28,444 outstanding shares of its Indian subsidiary, Atlas Copco India for Rs 243 per share, at 40 per cent premium compared with the 26-week average closing price on National Stock Exchange. The voluntary open offer to acquire balance 49.01 per cent was offer is scheduled to open on January 29, 2003 and close on February 27, 2003 respectively. “This offer is in line with our global philosophy of owning 100 per cent holding in our subsidiaries worldwide,” Atlas Copco group treasurer Staffan Nordin said. The Swedish engineering group holds 50.99 per cent stake in Atlas Copco India.
Escorts Auto Components Ltd has entered into a technical alliance with Taiwan-based Sentec E&E Company Ltd to manufacture Secondary Air Injection system (SAI) for two-wheelers. According to the agreement, Sentec would provide technical support in setting up a production base and testing facilities for SAI.
Indo Rama has reported a total production of 30,229 tonnes for the month of November 2002, a rise of 8 per cent over 27, 929 tonnes in November 2001. The sales volume for the month was 33, 581 tonnes, a 22 per cent increase against 27,545 tonnes in the previous corresponding period last year.
Credit rating agency Icra has reaffirmed the MAA- (M double A minus) rating indicating high safety assigned to the fixed deposit programme of Gruh Finance Ltd.
Schwing Stetter India Private Limited, part of the euro 500 million Schwing group of companies, has implemented the SAP R/3 ERP system at its factory at Irungattukottai, Chennai, a company release said.
Icra has downgraded Hotel Leelaventures’ non-convertible debentures totalling about Rs 180 crore indicating “default”. It has revised the rating to LD from LBB to NCDs of Rs 130 crore and Rs 49.1 crore, factoring in the hotel’s default in payment of principal and interest to the investors in its NCDs and poor performance in the last few years.